Friday, August 03, 2007

CFA Pension Code of Conduct

The CFA Institute Centre is asking for comments on its Code of Conduct for Members of a Pension Scheme Governing Body until 15 August. The draft has been prepared with the assistance of the OECD and major trade associations from the Hong Kong, the Netherlands, Switzerland, the UK and the USA.

Analysts still unaware of XBRL

The CFA Centre has just given us a preliminary review of 2007 XBRL awareness survey results. From this preliminary review, it is not clear which subset of members have been sampled (yours truly cannot remember having been on it), or what the response ratio was, but a number of interesting points arise, especially in comparison with the results of the May 2006 quick survey.
  • The majority of analysts is still unaware of XBRL. The percentage reported is even greater than last year, but that's pretty certainly within the margin of error.
  • Analysts think the convergence of taxonomies - in line with the convergence of reporting standards, presumably - is very important.
  • Analysts value increasing information granularity, even of details included in footnotes. Just tagging the note will not do.
  • Analysts are wary of X, i.e. the eXtensibility in so far as they think that preparers' ability to extend the taxonomy ought to be limited and should follow a strict protocol.
  • As the number of XBRL-aware respondents to the survey (ca. 240) seems to have been quite small, the validity of the answers to the more specific questions may have to be taken with a grain of salt.